OneSouth Bank, the banking subsidiary of OneSouth Financial, Inc. announced that it has entered into an agreement to be acquired by Five Star Credit Union. The deal will be structured as a purchase and assumption transaction and the consideration will be all-cash.
Olsen Palmer LLC served as financial advisor to OneSouth Financial, Inc.
The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary closing conditions including the approval of OneSouth Financial, Inc.’s shareholders and the receipt of all necessary regulatory approvals, is expected to be completed by the second quarter of 2024.
Upon consummation, Five Star will have total assets of approximately $950 million and will expand its footprint to 23 full-service banking locations.